Section 148 | Credits or debits arising from revaluation

(1)This section applies if, in accordance with generally accepted accounting practice, an amount in respect of the revaluation of a relevant telecommunication right is recognised in the accounts of a trade (whether or not as an item in the calculation of profit or loss).

(2)The amount is treated for income tax purposes as an item of a revenue nature.

(3)In calculating the profits of the trade, the amount is brought into account for the period of account in which it is recognised.